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More layoffs in Singapore, but redundancy still low

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Singapore saw 11,550 workers laid off last year, but the overall rate of redundancy in the country has remained low.

According to key findings from the Ministry of Manpower’s Redundancy and Re-entry into Employment 2013 report, this number is slightly higher than the 2012 number of 11,010.

Against a larger pool of employees, the incidence of redundancy remained low at 5.8 workers per 1,000 employees, which was unchanged from 2012.

The biggest reason cited for 40% of redundancies was the restructuring of businesses, as many changes processed for greater work efficiency.

High costs and reorganisation of businesses were other reasons given.

Of those made redundant, professionals, managers, executives and technicians (PMETs) were the most vulnerable, with 3.7 made redundant for every 1,000 employees. However, the unemployment rate of these workers remained lower than other occupations and the overall number of layoff was not large, at 4,940.

In terms of re-entry into employment, 66% of residents made redundant in the first quarter of 2013 had re-entered jobs by December.

This number was slightly lower than in 2012 (68%) as many professionals took longer to find the right job which matched their skills, qualifications and salary expectations.

Image: Shutterstock 



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